Bajaj Finance, SBI, Airtel & More: Axis Securities Reveals Its Top 15 Stock Picks For January 2026

The Indian equity market is moving from a period of consolidation to one that is driven by earnings visibility and steady domestic development, according to the Axis Top Picks report for January 2026. With the Nifty 50 growing by 10.5% and the Nifty Smallcap 250 index falling by 5.6%, the study reflects 2025 as a difficult year in which the Indian market lagged global counterparts for the first time since the COVID-19 period. Despite these obstacles, a structural change took place when domestic institutional investors (DIIs) contributed $88.8 billion to the market, substantially offsetting the $18.7 billion taken out by foreign institutional investors (FIIs) and highlighting the rising maturity and confidence of the domestic investor base.

Stocks To Buy In January 2026

HDFC Bank, Bajaj Finance, Bharti Airtel, Avenue Supermarts, State Bank of India, Max Healthcare, Kirloskar Brothers, Kalpataru Projects, APL Apollo Tubes, Mahanagar Gas, Inox Wind, Prestige Estates, Ujjivan Small Finance Bank, Chalet Hotels, and Sansera Engineering are the top stock picks by Axis Securities for the month.

Category	Company Name	Sector	Stock Price	Target Price	Upside (%)
Large Cap	Bajaj Finance Ltd.	Financials	987	1,200	22%
Large Cap	State Bank of India Ltd	Financials	982	1,135	16%
Large Cap	HDFC Bank Ltd.	Financials	991	1,170	18%
Large Cap	Bharti Airtel Ltd	Communication Services	2,106	2,530	20%
Large Cap	Avenue Supermarts Ltd	Consumer Staples	3,782	4,960	31%
Large Cap	Max Healthcare Institute Ltd	Health Care	1,045	1,400	34%
Mid Cap	Prestige Estates Projects Ltd	Real Estate	1,595	2,000	25%
Mid Cap	APL Apollo Tubes Ltd	Materials	1,914	2,100	10%
Small Cap	Mahanagar Gas Ltd	Utilities	1,136	1,540	36%
Small Cap	Ujjivan Small Finance Bank Ltd	Financials	53	65	23%
Small Cap	Chalet Hotels Ltd	Consumer Discretionary	871	1,120	29%
Small Cap	Inox Wind Ltd	Utilities	124	190	54%
Small Cap	Kirloskar Brothers Ltd	Industrials	1,610	2,330	45%
Small Cap	Sansera Engineering Ltd	Consumer Discretionary	1,674	1,950	16%
Small Cap	Kalpataru Projects International Ltd	Industrials	1,194	1,475	24%
Source: Company, Axis Securities, CMP as of 31th December 2025; All Target Prices have an investment horizon of over one year.

Nifty Outlook

"In the bull case, we value NIFTY at 21x, translating into a Dec'26 target of 29,500. Our bull case assumption is based on the Goldilocks scenario, which assumes an overall reduction in volatility and a successful soft landing in the US market. The market is keenly watching the global growth scenario in 2026 under Trump's presidency, in which uncertainty related to tariffs is likely to be reduced compared to 2025," commented the research analysts of Axis Securities.

"Furthermore, private Capex, which has been sluggish for the last several years, is expected to receive a much-needed boost in the upcoming years, with the expectation of policy continuity. Backed by expectations of political stability, policy continuity, fiscal prudence, an improving private Capex cycle, rural revival, and a soft landing in the US market, Nifty earnings are likely to grow at 13%+ CAGR for FY23-28. This would augur well for capital inflows into emerging markets (EMs) and increase the market multiples in the domestic market," they further added.

"In the bear case, we value NIFTY at 17x, translating into a Dec'26 target of 24,000. We assume the market will trade at above-average valuations, led by the likelihood of a policy shift in the Trump regime. Moreover, we presume that inflation will continue to pose challenges in the developed world. The global market has not seen such elevated interest rates in the recent past. Hence, the chances of going wrong have increased significantly," commented the research analysts of Axis Securities.

"Nonetheless, the direction of currency, oil prices, and global trade developments will likely put pressure on export-oriented growth in 2026. Moreover, the question mark on the global growth has significantly increased after the imposition of Trump tariffs. These developments will likely bring down the market multiple in the near term. However, based on the recent developments, the chances of this scenario playing out have reduced significantly," they stated.

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